General Motors

National Corvette Museum

General Motors Co. says work will begin in January to restore two prized Chevrolet Corvettes extracted from a sinkhole at the National Corvette Museum in Bowling Green

GM has received two of the classic vehicles that were among eight gobbled up by a 40-foot-wide by 60-foot deep hole in February at the museum. Among them is the 1 millionth Corvette, a 1992 model, which had significant damage.

Sales incentives helped U.S. auto sales rise in July, as major auto companies reported selling more than 120,000 more vehicles than the same month last year. GM retained its spot as the U.S. sales leader.

Sales of passenger cars rose by nearly 5 percent this July compared to last year, with sales of light trucks even higher, at 13.4 percent, according to data released Friday by research firm Autodata Corp.

GM sold 256,160 vehicles last month, beating Toyota's 215,802 and Ford's 211,467.

During her grilling before Congress last week, General Motors CEO Mary Barra insisted the new General Motors is different and better than the old one.

So as GM begins to fix nearly 2.6 million vehicles for an ignition-switch defect that has been linked to at least 13 deaths, we decided to put that claim to the test.

Exactly how new is the new GM?

NBC's Saturday Night Live answered with a parody version of Barra's explanation:

gm.com

The next generation Corvette is no longer a secret. With much fanfare, General Motors unveiled a revamped Corvette in Detroit Sunday night, the first new version of the iconic sports car in nine years.

"This car is all new from the ground up and it's absolutely the best performance car we know how to engineer and build," said General Motors North America President Mark Reuss. "I will eagerly put this car up against any of the top performance cars in the world. In terms of design, technology, and performance, this car is second to none."

The 2014 model, so new that it shares only two parts with the current model, picks up cues from the 1963 Stingray. It's described as the most powerful standard model ever, but GM promises it will be the most fuel-efficient Corvette. At the unveiling in Detroit, Reuss offered kudos to the Bowling Green plant for bringing the car the life.

"A few weeks ago we traveled to Bowling Green and drove the first cars made at the plant. Their commitment made this Corvette worthy of the Stingray name once again," praised Reuss.

The mortgage division of a company which used to be the financing arm of General Motors Company is filing for bankruptcy protection. Ally Financial's mortgage division is known as Rescap.The government-owned lender had reportedly been considering a chapter eleven filing for Rescap for some time.